iPhone 4 or iPod touch 5g

So I really liked the new iPod touch when Apple announced it some weeks ago, especially the colored ones look pretty cool. So I thought about getting one (it's 319 Euros here in Germany).

On the other hand Apple now sells the iPhone 4 for 399 Euros unlocked, which is not so much more but would give me mobile internet connection as well as a phone. I already have a pretty old Samsung phone so if I would buy an iPod touch there would be two devices I had to carry around but just one if I would buy the iPhone.

The bad thing about the iPhone is that it lacks some features like Siri and the new Flyover mode in Maps (which I would not necessarily need) but also the turn by turn navigation in maps (sad). It also just has 8 GB of storage while the iPod has 32 GB!

Since I am a student and don't have that much money the iPhone 4s or 5 are too expensive for me at the moment.

What else should I consider before buying one of the two (also what would you recommend me to buy)?

Thanks for your help.